Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster

Millennials and Gen Xers are facing down one of the greatest transfers of wealth in history—with some $124 trillion expected to change hands by 2048. But as wealth inequities simultaneously reach new extremes, the transfer has amplified questions about whether wealthy families are moving fast in their promises of impactful giving.

According to a new report from the Milken Institute about the shifting dynamics of philanthropy, the tension is setting the stage for a “reckoning” in the sector as younger generations gain more influence over family checkbooks.

For decades, philanthropy has centered on legacy-building and long-term giving, and some of the world’s wealthiest families have already committed to giving away much of their fortunes through initiatives like the Giving Pledge, launched by Warren Buffett, Bill Gates, and Melinda French Gates in 2010. But as scrutiny over ultra wealth has intensified, many younger heirs have realized their family commitments haven’t always moved fast enough.

Katherine Lorenz, leader of The Giving Pledge’s Next Gen group—a network of heirs and family members involved in shaping philanthropic strategy—said she’s already seeing that shift take hold. Rather than waiting decades for wealth to be distributed, many children and grandchildren of wealthy families are urging older generations to move faster, take more risks, and place more trust in the communities they hope to help. 

Younger heirs are rewriting the rules of philanthropy

Wealth among the top 1% has been on an historic rise over the last few years. According to Oxfam, billionaire wealth jumped by more than 16% last year alone, to a record high of $18.3 trillion. And it’s only fueled increasing apoplectic feelings—especially among young people.

Nearly one-third of adults ages 18 to 29 say they believe it is morally wrong to be “extremely rich,” according to a 2026 Pew survey, compared with just 10% of adults ages 65 and older. While some of that divide may reflect the economic realities facing younger Americans—from soaring housing costs to student debt and the rising cost of everyday necessities—it has also shaped how many heirs view their responsibility to use wealth more urgently—and more strategically.

Instead of simply writing checks to grant award winners, the younger generation is increasingly focused on funding systemic change through impact investing, advocacy, and venture-style philanthropy, Stevens said. Many are prioritizing causes such as climate change, racial justice, and gender equity over other generations’ broader focus on topics like health and education.

Lorenz also said there’s an increased interest in addressing the systems that have caused harm—rather than just putting “band aids on a gaping wound.” She used housing issues as an example. While it’s important to worry about whether or not you can help people not sleep on the street tonight, it’s just as important to ask questions like, “Why do we have so many unhoused people? What is happening, and how do we get fewer people in this situation?”

One of the most prominent examples of the shifting philanthropic dynamics has been MacKenzie Scott. The 56-year-old former wife of Amazon founder Jeff Bezos has distributed some $26 billion over the last six years, largely in unrestricted gifts, allowing recipients—such as HBCUs, DEI groups, and disaster relief—to determine how the money can best be used.

Women, in particular, are expected to play an increasingly influential role in the philanthropic transformation. By 2048, they are projected to inherit roughly $47 trillion—about 56% of all inherited wealth globally. Stevens expects more will likely follow the example of Scott and work together with communities to bring solutions-based impact with their giving.

For more information see Preston Fore “Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster” Fortune, June 27, 2026.